• AvePoint Announces Second Quarter 2024 Financial Results

    Источник: Nasdaq GlobeNewswire / 08 авг 2024 15:05:01   America/Chicago

    Second quarter SaaS revenue of $53.6 million, representing 40% year-over-year growth
    Second quarter Total revenue of $78.0 million, representing 20% year-over-year growth
    Total ARR of $290.1 million, representing 23% year-over-year growth

    JERSEY CITY, N.J., Aug. 08, 2024 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the global leader in robust data management and data governance, today announced financial results for the second quarter ended June 30, 2024. 

    “Our second quarter results reflect the continued execution of our teams, the ongoing customer need for a strong data foundation, and the demand for our SaaS platform, which is designed to enhance data security and cyber resilience,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Now more than ever, a successful AI strategy is dependent on high-quality, well-governed data and robust information management capabilities, which AvePoint has been establishing for companies around the world for more than two decades. The momentum we continue to see, coupled with our sustained focus on profitable growth, provides us with the confidence to again raise our full-year expectations for all key metrics.”

    Second Quarter 2024 Financial Highlights

    • Revenue: Total revenue was $78.0 million, up 20% from the second quarter of 2023. Within total revenue, SaaS revenue was $53.6 million, up 40% from the second quarter of 2023.

    • Gross Profit: GAAP gross profit was $59.0 million, compared to $45.1 million for the second quarter of 2023. Non-GAAP gross profit was $59.4 million, compared to $46.1 million for the second quarter of 2023. Non-GAAP gross margin was 76.2%, compared to 71.1% for the second quarter of 2023.

    • Operating Income/(Loss): GAAP operating loss was $(2.1) million, compared to $(7.1) million for the second quarter of 2023. Non-GAAP operating income was $8.7 million, compared to $2.9 million for the second quarter of 2023. Non-GAAP operating margin was 11.2%, compared to 4.4% for the second quarter of 2023.

    • Cash, cash equivalents and short-term investments: $230.8 million as of June 30, 2024.

    • Cash from operations: for the six months ended June 30, 2024, the Company generated $23.9 million of cash from operations, compared to $9.3 million generated in the prior year period.

    Second Quarter 2024 Key Performance Indicators and Recent Business Highlights

    • ARR as of June 30, 2024 was $290.1 million, up 23% year-over-year.

    • Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 110%. On a reported basis, dollar-based gross retention rate was 86%, while dollar-based net retention rate was 109%.

    • AvePoint was named to Inc.’s annual Best Workplaces list in the software industry, honoring organizations that have created exceptional workplaces and company cultures, and reflecting the Company’s ongoing investment in its people.

    • AvePoint won its sixth global Microsoft Partner of the Year award, as the Company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.

    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 2024, the Company expects:

    • Total revenues of $82.0 million to $84.0 million, or year-over-year growth of 14% at the midpoint.
    • Non-GAAP operating income of $11.0 million to $12.0 million.

    For the full year 2024, the Company now expects:

    • Total ARR of $319.0 million to $323.0 million, or year-over-year growth of 21% at the midpoint.
    • Total revenues of $320.2 million to $324.2 million, or year-over-year growth of 19% at the midpoint.
    • Non-GAAP operating income of $38.3 million to $39.8 million.

    Quarterly Conference Call

    AvePoint will host a conference call today, August 8, 2024, to review its second quarter 2024 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 (833) 816-1428 for US participants and 1 (412) 317-0520 for outside the US. The passcode for the call is 3133340. 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

    Securing the Future. AvePoint is a global leader in data management and data governance, and over 21,000 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. To learn more, visit 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. 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 Annual Report on Form 10-K 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. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

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

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



    AvePoint, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended  Six Months Ended 
      June 30,  June 30, 
      2024  2023  2024  2023 
    Revenue:                
    SaaS $53,643  $38,279  $104,954  $73,791 
    Term license and support  10,983   13,277   20,988   24,181 
    Services  10,517   10,066   20,998   19,813 
    Maintenance  2,818   3,247   5,555   6,656 
    Total revenue  77,961   64,869   152,495   124,441 
    Cost of revenue:                
    SaaS  9,745   9,130   19,515   17,025 
    Term license and support  413   496   829   957 
    Services  8,647   9,958   18,720   19,309 
    Maintenance  137   212   320   395 
    Total cost of revenue  18,942   19,796   39,384   37,686 
    Gross profit  59,019   45,073   113,111   86,755 
    Operating expenses:                
    Sales and marketing  30,470   27,691   60,409   54,542 
    General and administrative  18,184   15,193   35,052   29,841 
    Research and development  12,503   9,273   22,989   18,288 
    Total operating expenses  61,157   52,157   118,450   102,671 
    Loss from operations  (2,138)  (7,084)  (5,339)  (15,916)
    Other expense, net  (6,970)  (2,128)  (3,566)  (500)
    Loss before income taxes  (9,108)  (9,212)  (8,905)  (16,416)
    Income tax expense  3,830   3,313   5,987   5,291 
    Net loss $(12,938) $(12,525) $(14,892) $(21,707)
    Net (loss) income attributable to noncontrolling interest  (129)  60   (367)  75 
    Net loss available to common shareholders $(12,809) $(12,585) $(14,525) $(21,782)
    Basic and diluted loss per share $(0.07) $(0.07) $(0.08) $(0.12)
    Basic and diluted shares used in computing loss per share  182,804   183,315   182,150   183,068 
     


    AvePoint, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (Unaudited)
     
      June 30,  December 31, 
      2024  2023 
    Assets        
    Current assets:        
    Cash and cash equivalents $226,998  $223,162 
    Short-term investments  3,842   3,721 
    Accounts receivable, net of allowance for credit losses of $856 and $926, respectively  78,399   85,877 
    Prepaid expenses and other current assets  7,653   12,824 
    Total current assets  316,892   325,584 
    Property and equipment, net  4,522   5,118 
    Goodwill  18,477   19,156 
    Intangible assets, net  9,809   10,546 
    Operating lease right-of-use assets  13,402   13,908 
    Deferred contract costs  51,685   54,675 
    Other assets  12,478   13,595 
    Total assets $427,265  $442,582 
    Liabilities, mezzanine equity, and stockholders’ equity        
    Current liabilities:        
    Accounts payable $7,462  $1,384 
    Accrued expenses and other current liabilities  47,339   53,766 
    Current portion of deferred revenue  117,926   121,515 
    Total current liabilities  172,727   176,665 
    Long-term operating lease liabilities  8,415   9,383 
    Long-term portion of deferred revenue  8,268   7,741 
    Earn-out shares liabilities  25,613   18,346 
    Other liabilities  4,834   5,603 
    Total liabilities  219,857   217,738 
    Commitments and contingencies        
    Mezzanine equity        
    Redeemable noncontrolling interest     6,038 
    Total mezzanine equity     6,038 
    Stockholders’ equity        
    Common stock, $0.0001 par value; 1,000,000 shares authorized, 186,657 and 184,652 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively  19   18 
    Additional paid-in capital  688,487   667,881 
    Accumulated other comprehensive income  2,732   3,196 
    Accumulated deficit  (485,327)  (460,496)
    Noncontrolling interest  1,497   8,207 
    Total stockholders’ equity  207,408   218,806 
    Total liabilities, mezzanine equity, and stockholders’ equity $427,265  $442,582 
     


    AvePoint, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
     
      Six Months Ended 
      June 30, 
      2024  2023 
    Operating activities        
    Net loss $(14,892) $(21,707)
    Adjustments to reconcile net loss to net cash provided by operating activities:        
    Depreciation and amortization  2,623   2,249 
    Operating lease right-of-use assets expense  3,134   3,496 
    Foreign currency remeasurement loss  1,162   222 
    Stock-based compensation  19,996   17,690 
    Deferred income taxes  (157)  (161)
    Other  (45)  329 
    Change in value of earn-out and warrant liabilities  7,180   4,136 
    Changes in operating assets and liabilities:        
    Accounts receivable  5,364   4,128 
    Prepaid expenses and other current assets  5,079   4,434 
    Deferred contract costs and other assets  3,493   (429)
    Accounts payable, accrued expenses, operating lease liabilities and other liabilities  (9,457)  (7,276)
    Deferred revenue  434   2,145 
    Net cash provided by operating activities  23,914   9,256 
    Investing activities        
    Maturities of investments  1,193   566 
    Purchases of investments  (1,405)  (1,055)
    Capitalization of internal-use software  (729)  (644)
    Purchase of property and equipment  (896)  (789)
    Investment in notes  (750)  (500)
    Net cash used in investing activities  (2,587)  (2,422)
    Financing activities        
    Repurchase of common stock  (19,151)  (17,004)
    Proceeds from stock option exercises  3,334   3,240 
    Repayments of finance leases  (3)  (20)
    Net cash used in financing activities  (15,820)  (13,784)
    Effect of exchange rates on cash  (1,671)  (524)
    Net increase (decrease) in cash and cash equivalents  3,836   (7,474)
    Cash and cash equivalents at beginning of period  223,162   227,188 
    Cash and cash equivalents at end of period $226,998  $219,714 
    Supplemental disclosures of cash flow information        
    Income taxes paid $3,270  $2,938 
    Unpaid redemption of noncontrolling interest $5,926  $ 
     


    AvePoint, Inc.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
      Three Months Ended  Six Months Ended 
      June 30,  June 30, 
      2024  2023  2024  2023 
    Non-GAAP operating income                
    GAAP operating loss $(2,138) $(7,084) $(5,339) $(15,916)
    Stock-based compensation expense  10,538   9,586   19,996   17,690 
    Amortization of acquired intangible assets  349   354   702   753 
    Non-GAAP operating income $8,749  $2,856  $15,359  $2,527 
    Non-GAAP operating margin  11.2%  4.4%  10.1%  2.0%
                     
                     
                     
    Non-GAAP gross profit                
    GAAP gross profit $59,019  $45,073  $113,111  $86,755 
    Stock-based compensation expense  115   816   986   1,486 
    Amortization of acquired intangible assets  239   242   480   484 
    Non-GAAP gross profit $59,373  $46,131  $114,577  $88,725 
    Non-GAAP gross margin  76.2%  71.1%  75.1%  71.3%
                     
    Non-GAAP sales and marketing                
    GAAP sales and marketing $30,470  $27,691  $60,409  $54,542 
    Stock-based compensation expense  (2,214)  (2,708)  (4,498)  (4,909)
    Amortization of acquired intangible assets  (110)  (112)  (222)  (269)
    Non-GAAP sales and marketing $28,146  $24,871  $55,689  $49,364 
    Non-GAAP sales and marketing as a % of revenue  36.1%  38.3%  36.5%  39.7%
                     
    Non-GAAP general and administrative                
    GAAP general and administrative $18,184  $15,193  $35,052  $29,841 
    Stock-based compensation expense  (5,559)  (4,905)  (10,526)  (9,287)
    Non-GAAP general and administrative $12,625  $10,288  $24,526  $20,554 
    Non-GAAP general and administrative as a % of revenue  16.2%  15.9%  16.1%  16.5%
                     
    Non-GAAP research and development                
    GAAP research and development $12,503  $9,273  $22,989  $18,288 
    Stock-based compensation expense  (2,650)  (1,157)  (3,986)  (2,008)
    Non-GAAP research and development $9,853  $8,116  $19,003  $16,280 
    Non-GAAP research and development as a % of revenue  12.6%  12.5%  12.5%  13.1%

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