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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
617-542-6180AvePoint, 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 %